European Markets Experience Significant Gains

Following the European Central Bank's decision to reduce interest rates by 0.25 percentage points last week, the Bank of England also announced a rate cut today, suggesting more reductions could be on the horizon. This news has led to a surge in major European stock exchanges.

The DAX and Euro Stoxx 50 saw significant increases, with Basf leading the charge by soaring 7.24%. Similarly, the CAC 40 ended the day higher, thanks in part to ArcelorMittal's impressive 13.34% climb. The FTSE 100 also experienced a boost, closing up by 1.21%, with AstraZeneca contributing a 5.93% increase.

Currency Movements

In currency news, the euro was down 0.30% against the dollar, trading at 1.03741 at 5:33 pm CET. Meanwhile, the pound also lost ground against the dollar, decreasing by 0.49% to 1.24422.